The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global robotic process automation market size is expected to reach USD 10.7 billion by 2027, expanding at a CAGR of 33.6% from 2020 to 2027, according to a new report by Grand View Research, Inc. Robotic process automation (RPA) offers a proven solution for enterprises that are hampered by challenges and inefficiencies associated with legacy business systems. RPA enables organizations to automate structured functions and allows increased focus on core business activities. Increasing adoption of automation software and services has enabled organizations to meet consumer expectations and offer enhanced customer management.
The role of technology and its integration within the organizations is evolving at a faster pace. The ever-increasing regulatory changes and the compliance functions are reducing the speed of work done by employees. This has resulted in the adoption of robotics process automation to manage the compliance functions in a better manner than employees. This, in turn, is contributing towards reduction in cost and safeguarding organization from non-compliance. The RPA industry is growing at an unprecedented rate because of the high levels of efficiency and productivity being achieved by automation. Companies like Automation Anywhere, UiPath, and Blue Prism happen to be the leading players in the RPA market. The players in the market are concentrated on developing improved and cost-effective solutions and offering enhanced customer experience. Automation Anywhere offers a complete digital workforce portfolio, featuring, Bot Store, Digital Workers, RPA mobile app, and IQ Bot. The company is focused on offering a better and comprehensive product portfolio to its customers.
Small and medium organizations have a limitation in terms of cost and human resources. These organizations are continuously striving to reduce costs by improving and outsourcing their business processes. Additionally, when it comes to operating a small organization, the main focus is keeping the operations lean. Significant benefits of RPA implementation include improved employee and customer satisfaction, accelerated productivity gains, and enhanced compliance. Even though RPA software can be found across all industries, the major adopters include insurance companies, banks, and telecom companies, and utility companies. RPA offers organizations with comprehensive intelligence and assists users with actionable information and better insights. Furthermore, the RPA processes are customizable and are aimed at operating with the existing and new regulations and standards. Thus, automation technologies can help organizations in streamlining different structured processes.
Further key findings from the report suggest:
- The service segment dominated the robotic process automation market in 2019 and is projected to continue its dominance, expanding at a CAGR of 35.4% over the forecast period
- The large enterprises segment held the leading market share of more than 67% in 2019
- North America held the dominant market share of approximately 40% in 2019. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR over the forecast period
- Prominent players operating in the RPA market include UiPath; Automation Anywhere, Inc.; NICE; Blue Prism; Pegasystems; Kofax; NTT Advanced Technology Corporation; Genpact Ltd; EdgeVerve; and IPsoft, Inc.